Stocks see their third straight week of gains

Morgan Stanley among firms with strong earnings

Associated Press

Associated Press

Published 8:18 pm, Friday, January 18, 2013

FILE - In this Thursday, Jan. 3, 2013 file photo, traders work on the floor of the New York Stock Exchange. Stock futures are mixed, Friday, Jan. 18, 2013, after major indexes surged throughout the week, with the Standard and Poor's 500 repeatedly marking new five-year highs. (AP Photo/Mary Altaffer, File)

Even though investors had plenty of news to digest, trading was largely quiet. "Earnings always matter," said Rex Macey, the chief investment officer of Wilmington Trust Investment Advisors in Atlanta. "But just because we're in the middle of earnings season doesn't mean we're going to get huge market moves."

This earnings season is off to a good start so far. Of the 67 companies in the S&P 500 that have reported, 43 have trumped analysts' estimates.

Solid results this week from JPMorgan Chase and others, along with encouraging news on housing and employment, pushed the S&P 500 index to its latest five-year high. Morgan Stanley's earnings surged across its many business lines, as more companies hired the investment bank to help it raise money and line up mergers. Morgan Stanley gained 8 percent, rising $1.63 to $22.38.

Intel, the world's biggest chipmaker, said late Thursday that fourth-quarter net income fell 27 percent.